Sonia Miranda

The True Cost of NOT Owning Your Home

October 08, 2018

Owning
a home has great financial benefits, yet many continue to rent! Today,
let’s look at the financial reasons why owning a home of your own has
been a part of the American Dream for the entirety of America’s
existence.

“Buying remains the more attractive option in the long term – that remains the American dream, and it’s true in many markets where renting has become really the shortsighted option…as people get more savings in their pockets, buying becomes the better option.”

2. Studies have shown that a homeowner’s net worth is 44x greater than that of a renter.

3. Less than a month ago, we explained that
a family that purchased an average-priced home at the beginning of 2018
could build more than $49,000 in family wealth over the next five
years.

4. Some argue that renting eliminates the
cost of taxes and home repairs, but every potential renter must realize
that all the expenses the landlord incurs are already baked into the rent payment – along with a profit margin!

Bottom Line

Owning your home has many social and financial benefits that cannot be achieved by renting.